InnovAge (NASDAQ:INNV) Shares Gap Down to $4.00

InnovAge Holding Corp. (NASDAQ:INNV)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $4.00, but opened at $3.83. InnovAge shares last traded at $4.00, with a volume of 5,883 shares trading hands.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on INNV. The Goldman Sachs Group decreased their price objective on shares of InnovAge from $8.00 to $7.00 and set a “neutral” rating for the company in a research report on Thursday, February 8th. JPMorgan Chase & Co. decreased their price target on InnovAge from $7.00 to $6.00 and set a “neutral” rating for the company in a report on Wednesday, March 13th.

InnovAge Stock Down 4.8 %

The company has a quick ratio of 1.27, a current ratio of 1.27 and a debt-to-equity ratio of 0.26. The stock has a fifty day simple moving average of $4.58 and a two-hundred day simple moving average of $5.30.

InnovAge (NASDAQ:INNV) last announced its quarterly earnings data on Monday, February 5th. The company reported ($0.03) EPS for the quarter, hitting the consensus estimate of ($0.03). InnovAge had a negative net margin of 4.38% and a negative return on equity of 10.53%. The company had revenue of $188.90 million during the quarter, compared to the consensus estimate of $181.51 million. During the same quarter last year, the firm posted ($0.07) EPS. On average, research analysts anticipate that InnovAge Holding Corp. will post -0.14 earnings per share for the current year.

Institutional Investors Weigh In On InnovAge

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC boosted its position in shares of InnovAge by 386.4% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 5,078 shares of the company’s stock worth $30,000 after purchasing an additional 4,034 shares in the last quarter. Cambiar Investors LLC raised its stake in InnovAge by 10.5% during the 3rd quarter. Cambiar Investors LLC now owns 303,557 shares of the company’s stock worth $1,818,000 after buying an additional 28,890 shares during the period. Finally, Kent Lake Capital LLC boosted its holdings in InnovAge by 20.5% in the third quarter. Kent Lake Capital LLC now owns 1,402,323 shares of the company’s stock worth $8,400,000 after acquiring an additional 238,551 shares in the last quarter. 12.26% of the stock is owned by institutional investors.

About InnovAge

InnovAge Holding Corp. manages and provides a range of medical and ancillary services for seniors in need of care and support to live independently in their homes and communities. The company manages its business through Program of All-Inclusive Care for the Elderly (PACE) approach. It also offers in-home care services consisting of skilled, unskilled, and personal care; in-center services, such as primary care, physical therapy, occupational therapy, speech therapy, dental services, mental health and psychiatric services, meals, and activities; transportation to the PACE center and third-party medical appointments; and care management.